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anonymous

  • one year ago

What would be the formula for "Find the average daily balance, including new purchases."? (there is a picture for this question and I'd include it but, I don't know how yet)

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  1. jim_thompson5910
    • one year ago
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    You can attach files by clicking "attach file" under the text box

  2. jim_thompson5910
    • one year ago
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    Or you can host the pic on a site like imgur or something, then give the link

  3. anonymous
    • one year ago
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    (took me a second to see what you were talking about, I literally just joined the site) thanks!

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  4. anonymous
    • one year ago
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    I'm just not sure which numbers to add and which ones to subtract...

  5. jim_thompson5910
    • one year ago
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    ok so what the average daily balance does is find the balance for the whole month, as if it were a snapshot. The balance changes quite a bit, but the credit card company only charges interest on one figure: the average daily balance

  6. anonymous
    • one year ago
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    ok

  7. jim_thompson5910
    • one year ago
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    what we do is multiply the number of days with the balance for that time period eg: 675*5 = 3,375 1085*1 = 1085 1085*9 = 9,765 etc etc

  8. jim_thompson5910
    • one year ago
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    then you add all of those products up and then divide by 31 (the total number of days in the month)

  9. anonymous
    • one year ago
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    ok, thank you!!!! :)

  10. jim_thompson5910
    • one year ago
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    tell me what you get

  11. anonymous
    • one year ago
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    $541.45?

  12. jim_thompson5910
    • one year ago
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    I'm getting the same

  13. anonymous
    • one year ago
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    thank you thank you thank you!! :D

  14. jim_thompson5910
    • one year ago
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    so this is the balance that the CC company will use to figure out the finance (ie interest) charge

  15. jim_thompson5910
    • one year ago
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    you're welcome

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